We have ignored the Healthcare System in our country for decades and look where we are! Our Ignorance and tolerance of the so-called Market Driven Health Care has resulted in Disaster! The biggest culprit, those Corporate Executives , Insurance Companies,Lobbyists and our lawmakers, the politicians. All equally guilty of GREED! Although our government and the laws written have allowed an open door to Fraud, it is time to bring the Corporate Criminals & Politicians to Justice.

Tuesday, December 11, 2007

$3 billion scheme run from 1994 to 2002

NCFE controller was sentenced Friday to four years in prison

National Century Financial Enterprises Inc.'s controller was sentenced Friday to four years in prison for his role in the accounting conspiracy that led to the Dublin company's collapse.John Allen Snoble, 64, was also sentenced to make restitution to victims of the crime. The amounts will be determined in a separate hearing.Snoble, of Upper Arlington, pleaded guilty in November 2004 to the $3 billion scheme run from 1994 to 2002 by executives of the health-care financing firm. National Century filed for Chapter 11 bankruptcy protection after ratings on its bonds were cut to junk grade and the FBI raided its headquarters. In the years since the company imploded in 2002, investigators said they have recovered about $1 billion.National Century's primary business was purchasing accounts receivables from health-care providers at discounts, then giving them financing so they didn't have to wait for reimbursements. The company packaged the receivable as asset-backed bonds and sold them to raise cash.Snoble was among three former National Century executives who pleaded guilty in June. Sherry L. Gibson, an executive vice president, pleaded guilty in 2003 and was ordered to forfeit her entire net worth, estimated between $300,000 and $500,000. In June 2004, she was sentenced to 48 months in prison and ordered to liquidate all her assets for restitution. Brian J. Stucke, director of compliance, also pleaded guilty in 2003 to conspiracy to commit securities fraud and is awaiting sentencing.Seven executives who pleaded not guilty to charges linked to the business' collapse are scheduled to go on trial in September 2007:Lance K. Poulsen, 62, National Century's co-founder and president.Rebecca S. Parrett, 57, an owner.Donald H. Ayers, 70, vice chairman and chief operating officer.Roger S. Faulkenberry, 45, director of securitizations.Randolph H. Speer, 55, an executive vice president.James E. Dierker, 38, vice president for client development.Jon A. Beacham, 39, a director and vice president of securitizations.

About Me

I prefer to remain hopeful with the notion "Justice for ALL" , around the world. I believe that education is the key to peace and justice.Too much of the small stuff is focused on in mainstream media opposed to the reality of life in a Global World.
The US educational system is declining in the world ranking.
Our Health Care System is a Market-Driven System and as usual, with humans, the superior animal on this planet, have not been monitored. Humans need to be monitored.
CORPORATE CONTROL,Greed,De-regulation of Humans, Our elected and appointed Politicians and CORRUPTION has allowed our country to get to this point of destruction! We need to remember that the founding fathers created this country by it's government "FOR THE PEOPLE, BY THE PEOPLE" which has been transformed into a free-for-all.This is mycountry and the only country I can obtain a passport for, (legally anyway)thus I will try to do my part, as a citizen of my country to ensure it remains "We the people, for the people, by the people"!Just like our FOUNDERS intended it to be!